Provident fund is the scheme initiated to encourage savings among employees. Under this scheme, employees saves a small portion of their salaries or income for their future benefit. These includes the benefits after the retirement of the employee from the organization.
It is mandatory for every company to provide its employees with EPF or Employees Provident Fund, which is given to them upon their retirement. This fund is schemed under the employees' provident fund and miscellaneous provisions act, 1952. Every company with the total workforce of 20 employees or more has to register itself under the EPF scheme.
Some of the benefits under this scheme are enumerated below:
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